CORRECTION (October 27, 2:35 p.m. UTC): Prenetics updated their numbers during the live announcement – corrects the $46.8 million and $212 million to $48 million and $216 million respectively.
Prenetics (PRE), the David Beckham-backed health sciences company, raised $48 million in an oversubscribed funding round to expand its IM8 wellness brand and advance its Bitcoin treasury strategy.
Total proceeds could reach $216 million through the exercise of the warrants, Prenetic said in an emailed announcement Monday.
The round included investors such as Kraken, Exodus (EXOD), GPTX and American Ventures.
CEO Danny Yeung said the funds will help IM8 – which reached $100 million in annual recurring revenue in 11 months – expand globally while accumulating 1 BTC per day to reach a goal of $1 billion in revenue and bitcoin within five years.
Prenetics joined a growing group of healthcare companies seeking Bitcoin cash earlier this year, making its first purchase in June.
Currently, the Hong Kong-based company holds 268.4 BTC ($30.9 million), according to Bitcoin Treasuries.
PRE shares traded down nearly 15% Monday, to $13.80, in premarket trading.
